Ares agrees to buy GLP Capital's former China business, reports Bloomberg News via Reuters

(Reuters) – Investment firm Ares Management (NYSE: ) has agreed to acquire asset manager GLP Capital Partners' operations outside China, Bloomberg News reported on Monday, citing people familiar with the matter.

Ares and GLP Capital are expected to announce the deal as soon as Tuesday, the report said.

Last month, Bloomberg News reported that the deal could include an upfront payment of $3.5 billion and the value could rise to nearly $5 billion later if certain targets are met.

Ares and GLP did not immediately respond to Reuters requests for comment.